Consolidated financial statement of the Eurosystem as at 20 July 2007

Items not related to monetary policy operations

In the week ending 20 July 2007, the decrease of EUR 288 million in gold and gold receivables (asset item 1) reflected the sales of gold by three Eurosystem central banks (consistent with the Central Bank Gold Agreement of 27 September 2004).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) remained virtually unchanged at EUR 144.5 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.2 billion to EUR 93.3 billion. Banknotes in circulation (liability item 1) fell by EUR 0.6 billion to EUR 638.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 13.6 billion to EUR 56.1 billion.

Items related to monetary policy operations

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) increased by EUR 9.8 billion to EUR 451.7 billion. On Wednesday, 18 July 2007, a main refinancing operation of EUR 292 billion matured and a new one of EUR 301.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with virtually nil in the preceding week), and recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (approximately the same as in the previous week).

Current accounts of euro area credit institutions

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 2.9 billion to EUR 190.1 billion.